LOMA 335 END OF COURSE 2025/2026 QUESTIONS AND
SOLUTIONS RANKED A+
✔✔A ______ economy is an environment in which an on-demand labor force is utilized
to fill temporary or short-term jobs, and there is no formal employer-employee
relationship between the independent worker and the employer. - ✔✔gig
✔✔The corporate mission is how the company will satisfy customer needs and is
expressed in the company's __________ statement - a statement of a company's
fundamental purpose or reason for existence. - ✔✔mission
✔✔The board of _____________ is a group of individuals elected by the company's
owners that serves as the company's primary governing body. - ✔✔directors
✔✔____________ at the strategic level requires knowledge about the environment in
which the company operates. - ✔✔Planning
✔✔Management creates strategic plans in accordance with economic, political, and
______ considerations in the company's external environment. - ✔✔legal
✔✔The broad planning targets a company attempts to achieve in support of the
corporate mission are ___________ goals. - ✔✔corporate
✔✔A corporate ____________ is a long-term plan that a company intends to use to
achieve its goals in the present and future. - ✔✔strategy
✔✔A competitive ____________ is any aspect of a company - such as cost structure,
distribution network, or customer support - that allows the company to generate greater
sales or retain more customers than its competitors do. - ✔✔advantage
✔✔Corporate strategies usually extend at least 3-______ years into the future. - ✔✔5
✔✔___________ strategies are action plans for a line of business, such as a product
line, business unit, or strategic business unit (SBU). - ✔✔Business
✔✔_____________ at the strategic level tend to be broadly based guidelines and
policies for the organization as a whole or for major organizational subunits such as an
SBU or a product line department. - ✔✔Controls
✔✔1) An ___________ strategy is a general action plan for day-to-day activities that
must occur within a budget dictated by the company's strategic plans.
2) They often expend for only 1-_____ years into the future. - ✔✔1) operational
, 2) 2
✔✔A ___________ is an action designed to support an operational strategy. - ✔✔tactic
✔✔List 5 feedback controls: - ✔✔Audits
Budgets
Exception reports
Performance appraisals
Quality reports
✔✔List 4 concurrent controls: - ✔✔Budgets
Real-time exception reports
Real-time monitoring
Mentoring
✔✔List 4 steering controls: - ✔✔Budgets
Codes of conduct
Job descriptions
Policies and procedures
✔✔A ___________ standard is an established level of performance to which a
company or an individual compares actual performance. - ✔✔performance
✔✔When a performance standard for a process or activity is critical to a company's
success, it's a ______ ____________ ____________ (KPI). - ✔✔key performance
indicator
✔✔Performance standards may be objective or subjective.
The more _____________ a performance standard, the more difficult it is to measure
performance, and ultimately improve performance. - ✔✔subjective
✔✔At the corporate level, a code of ___________ - a formal statement of a company's
core values and its expectations for how its employees should behave in the course of
business - is an example of a steering control. - ✔✔conduct
✔✔A _____________ is a set of instructions for following a series of steps in a regular,
definite order to accomplish a process. - ✔✔procedure
✔✔Corporate ______________ is the responsibility and authority of a company's board
of directors to direct senior management to fulfill its mission on behalf of the company's
stakeholders in a legal and fiscally responsible manner. - ✔✔governance
SOLUTIONS RANKED A+
✔✔A ______ economy is an environment in which an on-demand labor force is utilized
to fill temporary or short-term jobs, and there is no formal employer-employee
relationship between the independent worker and the employer. - ✔✔gig
✔✔The corporate mission is how the company will satisfy customer needs and is
expressed in the company's __________ statement - a statement of a company's
fundamental purpose or reason for existence. - ✔✔mission
✔✔The board of _____________ is a group of individuals elected by the company's
owners that serves as the company's primary governing body. - ✔✔directors
✔✔____________ at the strategic level requires knowledge about the environment in
which the company operates. - ✔✔Planning
✔✔Management creates strategic plans in accordance with economic, political, and
______ considerations in the company's external environment. - ✔✔legal
✔✔The broad planning targets a company attempts to achieve in support of the
corporate mission are ___________ goals. - ✔✔corporate
✔✔A corporate ____________ is a long-term plan that a company intends to use to
achieve its goals in the present and future. - ✔✔strategy
✔✔A competitive ____________ is any aspect of a company - such as cost structure,
distribution network, or customer support - that allows the company to generate greater
sales or retain more customers than its competitors do. - ✔✔advantage
✔✔Corporate strategies usually extend at least 3-______ years into the future. - ✔✔5
✔✔___________ strategies are action plans for a line of business, such as a product
line, business unit, or strategic business unit (SBU). - ✔✔Business
✔✔_____________ at the strategic level tend to be broadly based guidelines and
policies for the organization as a whole or for major organizational subunits such as an
SBU or a product line department. - ✔✔Controls
✔✔1) An ___________ strategy is a general action plan for day-to-day activities that
must occur within a budget dictated by the company's strategic plans.
2) They often expend for only 1-_____ years into the future. - ✔✔1) operational
, 2) 2
✔✔A ___________ is an action designed to support an operational strategy. - ✔✔tactic
✔✔List 5 feedback controls: - ✔✔Audits
Budgets
Exception reports
Performance appraisals
Quality reports
✔✔List 4 concurrent controls: - ✔✔Budgets
Real-time exception reports
Real-time monitoring
Mentoring
✔✔List 4 steering controls: - ✔✔Budgets
Codes of conduct
Job descriptions
Policies and procedures
✔✔A ___________ standard is an established level of performance to which a
company or an individual compares actual performance. - ✔✔performance
✔✔When a performance standard for a process or activity is critical to a company's
success, it's a ______ ____________ ____________ (KPI). - ✔✔key performance
indicator
✔✔Performance standards may be objective or subjective.
The more _____________ a performance standard, the more difficult it is to measure
performance, and ultimately improve performance. - ✔✔subjective
✔✔At the corporate level, a code of ___________ - a formal statement of a company's
core values and its expectations for how its employees should behave in the course of
business - is an example of a steering control. - ✔✔conduct
✔✔A _____________ is a set of instructions for following a series of steps in a regular,
definite order to accomplish a process. - ✔✔procedure
✔✔Corporate ______________ is the responsibility and authority of a company's board
of directors to direct senior management to fulfill its mission on behalf of the company's
stakeholders in a legal and fiscally responsible manner. - ✔✔governance
